Canary Capital has applied for the Hedera HBAR cash exchange-traded fund with the U.S. Securities and Exchange Commission. This is the first cryptocurrency fund of its type.
The cryptocurrency investment company filed its S-1 registration statement with the SEC on Tuesday. According to the fund, it seeks to “provide exposure to the underlying asset value of the Hedera network.” filing.
HBAR is the native digital asset of the Hedera network, a decentralized public network that uses the Hashgraph consensus algorithm. Hedera facilitates fast and secure transactions globally and is governed by a council of prominent companies and organizations. This governance model is designed to ensure that decisions and token distribution are conducted in a secure and compliant manner. HBAR is used within the Hedera ecosystem for a variety of purposes, including supporting decentralized applications, facilitating transactions, and participating in network governance.
According to the document, the Canary HBAR ETF plans to hold only HBAR directly without using derivatives, futures, or other financial products. The S-1 filing does not identify a trustee or trustee.
The company also previously Released October HBAR Trust for Accredited Investors. Steven McClurg founded Canary Capital and previously founded Valkyrie Funds, which holds other spot cryptocurrency ETFs. Canary Capital previously filed a registration statement for Spot. Litecoin ETF, Solana ETF and XRP ETF.
It is unclear whether the SEC will approve more spot cryptocurrency ETFs. Agency approved. 11 Spot Bitcoin ETFs were released earlier this year and shortly thereafter. green light About 8 Ethereum ETFs. The filing also comes as current SEC Chairman Gary Gensler, who has been critical of cryptocurrencies, looks increasingly likely to decide to resign before a new presidential administration takes office. President-elect Donald Trump also announced that he would resign. fire If elected, Gensler.
Officials representing President Trump are reportedly considering Robinhood Chief Legal Officer Dan Gallagher, former Republican SEC Commissioner Paul Atkins, and former SEC General Counsel Robert Stebbins to become SEC chairman. Reuters.
Gensler said the agency’s decision when approving a spot Bitcoin ETF last January was as follows:cabined “With one set of documents.”
“We have other papers in front of us, but we’re not going to prejudge them for you or the audience,” Gensler said. interview With CNBC. “This is something a five-member committee will discuss and review.”
Update: 6:00 PM UTC on November 12 with full details
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